US home sales climbed in January despite weaker economy

WASHINGTON - U.S. home sales crept upward in January, a sign that demand for housing remains strong amid signs of slower growth across the broader economy. The National Association of Realtors says sales of existing homes rose 0.4 percent last month to a seasonally adjusted annual rate of 5.47 million. The gains build on a strong 2015 that ended with a 12.1 percent surge in December sales, as new regulations had delayed closings in November. Job growth and low mortgage rates have fueled demand and boosted home sales. But fewer properties are coming onto the market, causing prices to eclipse wage growth and capping the potential for sales to rise further. The median home sales price was $213,800 in January, an 8.2 percent annual increase from a year ago.